Short presentation on comparison between Dentists Provident Income Replacement product and Income Protection products available through Friends First in Ireland.

1. FRIENDS FIRST DENTISTS PROVIDENT
Product Name Individual Income Protection / Executive Income Dentists’ Provident Income Protection
Protection
Automatic Friends First will allow the benefit to be increased by Dentists Provident will allow an increase in cover without
Increase Option 20% every three years up to a maximum of 100% of medical evidence on the 6th, 12th, and/or 15th anniversary of
the original benefit without the policyholder providing the start of cover. The cumulative total allowed under this
further medical evidence. option is 30%.
Maximum 75% of earned income less social welfare 60% of earned income, or €83,200 per annum, whichever is
benefit entitlements, or €175,000 per annum, whichever is lower.
lower
Entry age Minimum – 19 next birthday Minimum – 19 next birthday
parameters Maximum – 60 next birthday Maximum – 50 next birthday
Ceasing age 55, 60, or 65, as selected by the client at outset. Standard ceasing age is 60, but a lower retirement age may
be imposed based on personal circumstances at outset. A
higher ceasing age may also be offered, based on health and
previous claims history.
Guaranteed Yes – if the guaranteed premium option is chosen, Not available
Premiums then the premium will not change over the life of your
policy if the benefits do not change.
Reviewable Yes – if the reviewable premiums option is chosen, the The premiums on this policy will be reviewed on 1st January
premiums premiums are guaranteed for the first 5 years, and every year.
reviewed every 5 years thereafter
Overseas If at the time of a claim, the policyholder is living You are not entitled to claim benefits while you are outside
Benefit outside the Member States of the European Union, the United Kingdom, Republic of Ireland, Guernsey, Jersey,
Friends First will only pay incapacity benefit for up to or the Isle of Man.
13 weeks in any 12 month period, and for 39 weeks in
total over the lifetime of the policy. Benefit will
continue if the policyholder returns to the EU.
Changing Yes – not subject to underwriting in the event of a Dentists Provident must be advised if you change your
occupation change of occupation occupation. Your premiums may be increased, retirement
age may be reduced, or deferred period may be increased.
Dentists Provident may also apply additional terms or change
the definition of incapacity.
Hazardous If you are involved in a hazardous pursuit or intend to Dentists Provident must be advised of any actual or planned
pursuits become involved in a hazardous pursuit at inception of participation in any new hazardous pursuits or pastimes
the policy, Friends First must be notified. However, if which you intend to pursue on a regular basis, and the policy
you take up a hazardous pursuit over the term of your may be amended in the same way as if you had changed
policy, this will not affect how we assess your claim. occupation.
Deferred 13, 26, or 52 weeks 1, 4, 13, 26, 52, or 104 weeks
periods The plan is also available with no deferred period, with the
available benefit payable from the first day of incapacity
Waiver of Once we start paying benefit on a claim, we will not Not available - The premiums remain payable even when
premium ask you to pay any further premiums on your policy you are receiving benefits under a claim.
until your claim is finished
Indexation Optional - 3% per annum compound increase on both Optional – on 1st January each year cover is reviewed in line
premium and benefit with the Consumer Price Index.
Escalation Optional – either 4% or 5% per annum compound Optional – on 1st January each year benefits are reviewed in
increase in benefit in claim only line with the Consumer Price Index, during claim only.
Product Comparison
Page 1 of 2 Dentists Provident v Friends First
January 2009
Product Development - Saragh Fitzpatrick

2. FRIENDS FIRST DENTISTS PROVIDENT
Definition of Own occupation for all accepted occupations (Classes Suited occupation cover. Defined as follows: unable to
incapacity 1 – 4) follow any other occupation for which that member is
reasonably fitted by reason of training, education, or
experience.
Death benefit Not available If you die within 12 months of the start of your claim
because of the same illness or injury for which you are
claiming, then provided you have been entitled to receive
benefit payments for at least week, your estate will be paid a
one off lump sum equal to 26 weeks worth of your initial
benefits payable at the start of your claim.
Partial Partial disability is defined as a period which lasts at A reduced benefit is payable if the Insured is able to return
Disability least 8 weeks and which is followed by a period where to work only on a part time basis, or if the Insured has to
the policyholder does not qualify for disability benefit take up a new less well-paid occupation, and have been
because he or she is: doing other work and/or able to receiving benefit payments for at least 3 months, continue to
do some of his or her work, but because of sickness satisfy the definition of incapacity, and continue to suffer a
or accident the amount or type of work he or she can material reduction in earnings, for a maximum of 104 weeks
do is still limited and he or she needs regular payments.
supervision and treatment by a registered doctor.
Cash lump sum Not available The members premiums are pooled and used to pay the
on retirement income protection insurance claims and management
expenses. The members share the remaining surplus and
any income from the Society’s investments as a cash lump
sum on retirement. Some debate on the treatment of these
payments to Irish customers
Payment Selected by the member at outset – can be any date Premiums are collected on the 1st of the month.
collection date in the month
*** Benched
marked Friends
First as thet
have been the
market leader
in this area for
15/20 years
Product Comparison
Page 2 of 2 Dentists Provident v Friends First
January 2009
Product Development - Saragh Fitzpatrick